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Home Improvement Loans Overview

Use the equity you’ve built to finance the things you need, like remodeling your home, paying for college or consolidating debts.

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Make Your Home The Best It Can Be

There’s always room for improvement, whether that be updating your kitchen to a more modern look, replacing an old roof, or adding a deck for summertime enjoyment. We have home improvement solutions to fit any situation.

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Secured Loans vs Unsecured Loans for Home Renovations

A secured loan is backed by an asset, which is often referred to as collateral. For home improvement loans, the collateral used is normally your home and the equity you have available in it. Not sure what we mean by equity? A simple way to think of it: take your home’s value, or the amount your house appraises for, and subtract the amount that you owe on your mortgage loan. The amount left is your equity. The more equity you have, the more you are able to borrow.

If you do not have equity in your home, an unsecured loan would be the option for you. An unsecured loan means you don’t need to provide collateral for the loan.

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Secured Loan Options

Home Equity Loan 
Put unused equity to work for you. 

 

Home Equity Line 
Access to a line of credit for ongoing use. 

 

Cash-Out Refinance
Refinance your mortgage and get cash for improvements.

 

More About Secured Loans

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Unsecured Loan Options

Rapid Home Improvement Loan
Upgrade your home without collateral requirements.

 

Believable Banking Home Improvement Loan
Affordable Home Improvement Loan Program available in select census tracts.

 

More About Unsecured Loans

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Secured Loan Options for Home Repairs & Renovations

Home Equity Loan

Equity is the difference between how much money you owe on your home and the amount your home is worth. A Home Equity Loan uses that equity you have built up, from either paying off your mortgage or your home’s value increasing, to secure the loan. You will receive your funds from this loan in one lump sum.

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Home Equity Line of Credit (HELOC)

A HELOC uses your home's equity just like a Home Equity Loan, but the way you receive funds is where these two products differ. Rather than receiving your loan payout in one lump sum, a HELOC gives you access to a line of credit for ongoing use. This is similar to a credit card. You won’t have to apply for another loan each time you need money—just access your HELOC.

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Cash-Out Refinance

A cash-out refinance replaces your mortgage with a new one for a larger amount, and pays you cash for the difference. With your new mortgage, you could potentially shorten your loan term, lower your interest rate AND utilize your home equity for renovation projects. Plus, you only have one loan payment.

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Unsecured Loan Options for Home Improvements

Rapid Home Improvement Loan¹

This loan will get you your funds in no time! Quickly finance your renovations and repairs with low fixed rates and loan amounts from $5,000 - $25,000 without using your personal property for collateral. A home improvement loan is often easier to get than a home equity loan or a regular personal loan, and we offer loan terms up to 15 years.

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Believable Banking Home Improvement Loan

This affordable, unsecured loan program is available to qualifying neighborhoods as determined by the Census Bureau. The BBHIL provides flexible and affordable financing to assist with maintaining your home and can be used for a wide array of home repairs or renovations.

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Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.

¹Loan fee of $150. Payment examples: Tier 1 loan category ranges up to $10,000 and 120 months: Monthly payments for a $10,000 loan at 6.317% APR with a term of ten years would result in 120 monthly payments of $112.67. Tier 2 loan category ranges from $10,000.01 to $25,000 and up to 180 months: Monthly payments for a $25,000 loan at 7.084% APR with a term of fifteen years would result in 180 monthly payments of $225.88. These examples are estimates only and assumes all payments are made on time. Please contact bank for details.

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